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- Bitget Research: BTC Price Surges Past $70,000, Base Ecosystem Shows Significant Wealth Effect
Bitget Research: BTC Price Surges Past $70,000, Base Ecosystem Shows Significant Wealth Effect
Aaron & Tommy
2024/03/26
In the past 24 hours, many new popular tokens and topics have emerged in the market, which are likely to be the next wealth creation opportunities.
Overview
The market experienced a significant rebound yesterday, with BTC once again breaking through the $70,000 mark and demonstrating a positive overall wealth effect. The trend of outflows from spot BTC ETFs reversed, with a net inflow of $15 million observed yesterday.
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Sectors with strong wealth creation effect: Blue chip sector and Base Ecosystem.
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Top searched tokens and topics by users: GPT, TON, PENDLE, VENOM, and RWA.
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Potential airdrop opportunities: StakeStone and AlphaOrBeta.
Data collection time: March 26, 2024, 4:00 AM (UTC)
1. Market Environment
The market made a substantial rebound yesterday, with BTC once again breaking through the $70,000 mark, leading to a positive overall wealth effect. The trend of net outflows for spot Bitcoin ETFs reversed, with traditional funds flowing in $15 million through spot Bitcoin ETFs yesterday. This reversal in capital flow is significant, boosting overall market sentiment.
Spot Bitcoin ETFs rose by about 11% across the board, with the bull market driver MicroStrategy's stock closing up 21.8%. Meanwhile, Coinbase's stock broke through $280, setting a new high for the past three years. With less than 30 days to the Bitcoin halving, traditional capital is rapidly investing in cryptocurrencies, generating positive market momentum.
2. Wealth Creation Sectors
2.1 Sector movements — Blue chip sector (BTC, ETH, and SOL)
Main reasons: 1. BlackRock's IBIT rose by 11% in a single day, indicating that traditional funds are bullish on BTC; 2. The trend of spot Bitcoin ETF outflows reversed, with a net inflow of $15 million.
Gainers: BTC broke through $70,000, ETH stabilized at $3600, and SOL rebounded to just over $190.
Factors affecting future market conditions:
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Whether the net inflow of spot BTC ETF can continue: After several trading days of net outflows, a reversal trend emerged yesterday, showing net inflows. Moving forward, it is important to monitor whether this net inflow into BTC ETFs can continue. If the net inflow continues to increase, investors may consider increasing spot investments and leverage.
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Contract liquidation situation: In the past 24 hours, the market experienced liquidations amounting to $180 million, with $120 million coming from short positions. The significant decrease in short positions led to a temporary market rebound. Continuous monitoring of liquidation events is advised. If short positions keep getting liquidated, it could be prudent to maintain a bullish stance and squeeze shorts.
2.2 Sector movements — Base ecosystem (DEGEN and AERO)
Main reasons: 1. The market stabilized and rebounded significantly, activating capital within the sector and reinitiating sector rotation. 2. Coinbase has directly invested in ecosystem projects which are also supported by prominent institutions.
Gainers: DEGEN rose 22% in 24 hours, and AERO increased by 26% in a single day.
Factors affecting future market conditions:
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Whether the TVL of Base ecosystem continues to rise: Data from DeFillama shows that the TVL of the Base chain has been consistently rising within the past month, with a sharp increase observed during the past week. This indicates that capital is flowing into the Base ecosystem. Moving forward, it is important to keep an eye on the TVL changes within the Base ecosystem. Continued capital inflow suggests further investments in ecosystem projects are viable, while a stagnation in growth may warrant taking profits.
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Crypto market sentiment: The substantial rebound in the market yesterday positively influenced the overall wealth effect, extending its benefits to the Base ecosystem. If this upward movement continues, it would be wise to keep investing in assets within the Base ecosystem.
2.3 Sectors to focus on next — ETH Layer 2 sector
Main reason: High activity and wealth effect within the Base ecosystem are likely to flow into the ETH ecosystem, potentially driving demand for Layer 2 assets.
Specific token list:
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OP: Built on the Base chain using OP stack technology. Last year, it entered into a profit-sharing agreement with the OP Foundation, making it a direct beneficiary of the Base ecosystem's popularity.
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ARB: The TVL of the Arbitrum ecosystem has continuously risen during the bear market, providing foundational funding for ecosystem development and project deployment. However, the ARB token has shown weak performance, and it currently presents a reasonable risk-reward ratio with potential for catch-up rally.
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STRK: A newly launched Layer 2 asset, with fewer trapped positions and uptrend resistance. STRK experienced a single-day rebound of over 7%, gradually building consensus.
3. Top Searches
3.1 Popular DApps
QnA3 (token: GPT):
Last week, the Solana ecosystem and the AI sector project QnA3 (token: GPT) announced an upcoming deep strategic cooperation, with GPT moving to the Solana chain. This joint announcement by two of the hottest ecosystems in the market has significantly increased the popularity of the QnA3 project. In the past 24 hours, QnA3's UAW on the Solana chain reached 183.26k.
3.2 X (former Twitter)
Pendle (PENDLE):
Yesterday, PENDLE's price broke through $4, reaching a new all-time high. As a Web3 interest rate splitting protocol, Pendle seized the opportunity amidst the LST and restaking frenzy, gaining high visibility and amassing a TVL surpassing $2.8 billion. Previously, there were no notable restaking projects issuing tokens, leading speculative capital to continuously drive up PENDLE's price. Consequently, there has been speculation about whether attention and speculative capital might shift away from PENDLE towards other LST protocols like ether.fi as they start issuing tokens. However, even after ETHFI's token issuance, PENDLE has maintained a strong upward momentum, making the restaking sector's development worth watching.
3.3 Google Search (Global and Regional)
Global focus:
(1) Toncoin (TON):
Over the past month, TON's value surged by 150%, currently ranking 11th in terms of cryptocurrency market cap and challenging the top 10. Significant improvement in fundamental data: According to DefiLlama, the TON ecosystem's TVL has surpassed $80 million, which is four times the value at the beginning of March. The TON Foundation will launch the first open league on April 1, offering $115 million worth of Toncoin as community rewards to stimulate ecosystem development and user activity. Noteworthy within the TON ecosystem are the TON token itself, ecosystem's IDO platform TonUp's token, UP, and the leading memecoin FISH.
(2) Venom (VENOM):
Venom, a public chain project, will soon be listed on OKX. Information released indicates that the Venom Foundation is the first Layer 1 blockchain licensed and regulated by the Abu Dhabi Global Market, and also collaborated with Iceberg Capital to launch a $1 billion Web3 fund "VVF." The project has garnered substantial social media attention. However, it is important to note the project's high initial circulating and fully diluted market cap. Additionally, the involvement of multiple professional airdrop groups in early interactions could lead to significant selling pressure upon listing.
Regional focus:
(1) Various Asian regions demonstrated diverse project and sector interests yesterday:
In Singapore, BOME and JUP topped hot searches, indicating interest in Solana ecosystem memecoins. The Philippines' hot searches included GALA and TON, indicating a focus on GameFi and the TON ecosystem. Hong Kong's interest in RWA might relate to recent surges in ONDO and expectations of BlackRock's entry into the RWA sector, while key search terms in Malaysia and Thailand were AVAX and DePIN, respectively.
(2) Users in Europe and the USA showed interest in yet-to-launch projects Grass and Berachain:
Grass, a cloud computing network sharing application, and Berachain, a project generating significant market discussion, were hot in Poland, the USA, Argentina, and Chile.
(3) Russian users have consistently shown interest in cryptocurrency data query applications:
DeBank and Dune were among the top searches in Russia yesterday, with Arkham also frequently appearing in the region's searches.
(4) RWA was among the top searches in Saudi Arabia and the UAE, indicating the Middle East region's interest in this sector.
4. Potential Airdrop Opportunities
StakeStone — A multichain LST protocol recently funded by Binance
StakeStone is a multichain LST protocol with its token symbol being STONE. It integrates various income sources, including Ethereum staking, restaking, real-world assets, artificial intelligence, and decentralized physical infrastructure network assets.
StakeStone's TVL has reached $1.2 billion, with Binance Labs recently announcing its investment in the project. Users who have previously participated in Manta New Paradigm using STONE will also receive StakeStone and EigenLayer airdrop credits. The project, in collaboration with LayerZero and potentially other chain projects in the future, offers multiple opportunities to "double dip."
Ho to participate: (1) Visit the StakeStone official website and convert ETH stake into STONE; (2)2. Choose the most suitable chain for "double dipping," and use the Bridge feature to cross-chain STONE to the respective chain. Currently supported chains include Linea, Mantle, BNB Chain, Base, Manta Pacific, Mode, and Astar zkEVM. It is recommended to interact with Mode or Linea for now, with the opportunity to engage in further interactions as new collaborations are announced by the project team.
AlphaOrBeta — Zero-cost interaction, a project in Binance Labs MVB Season 7 Accelerator Program
AlphaOrBeta is a social QA and voting platform designed to allow users to earn rewards and airdrops by voting on polls and sharing opinions and predictions on social media.
Developed by OpinionLabs, AlphaOrBeta is a contender in the Binance Labs MVB Season 7 Accelerator Program. The project's past promotions indicates collaboration with the Mantle chain. The platform offers simple interactions, requiring only daily sign-ins to collect test tokens for interactions without the need for gas fees, facilitating completely cost-free interactions. Using real tokens and paying gas fees for voting is also possible.
How to participate: (1) Log in and sign in to receive abETH test tokens. Share polls of interest on social media or invite friends to earn more test tokens; (2) Choose polls that interest you and vote using the free test tokens to grab a share of the test tokens and AlphaOrBeta credit rewards, which may serve as a basis for future airdrops.